Platform Specialty Products sees FY18 adjusted EBITDA $870M-$900M
Based on the average foreign exchange rates in January 2018 and considering the recent strengthening in currencies against the dollar, Platform now expects adjusted EBITDA for 2018 in the range of $870M-$900M, an increase of $10M at the mid-point from the previously-announced guidance for 2018. The mid-point of the guidance represents an increase of 8% over 2017. This guidance does not anticipate any new acquisitions but does assume that the company will achieve organic revenue growth in the low to mid-single digits, consistent with its long-term growth strategy. "As a result of recent tax planning activities, we are projecting a reduction in our overall 2018 adjusted effective tax rate to approximately 34% for the purposes of calculating adjusted EPS. This represents the expected tax costs on statutory earnings from our foreign units and the anticipated withholding taxes. We believe the company has adequate net operating loss carryforwards to offset any U.S. taxes in the medium-term."